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GCC Secretary General, EU Trade Chief Discuss Ways to Enhance Trade, Economic Relations

Secretary General of the Gulf Cooperation Council Jasem Mohamed Albudaiwi. (GCC)
Secretary General of the Gulf Cooperation Council Jasem Mohamed Albudaiwi. (GCC)
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GCC Secretary General, EU Trade Chief Discuss Ways to Enhance Trade, Economic Relations

Secretary General of the Gulf Cooperation Council Jasem Mohamed Albudaiwi. (GCC)
Secretary General of the Gulf Cooperation Council Jasem Mohamed Albudaiwi. (GCC)

Gulf Cooperation Council (GCC) Secretary General Jassim Mohammed Al-Budaiwi and European Commission Executive Vice-President Valdis Dombrovskis met in the Emirati capital, Abu Dhabi, on the sidelines of the World Trade Organization’s (WTO's) 13th Ministerial Conference, SPA said on Monday.
The two sides reviewed economic and trade relations and discussed ways to enhance them, building on their historical partnership.
They also expressed aspiration to build stronger relations and expand the scope of economic and trade cooperation between the GCC countries and the European Union to achieve common objectives and enhance the interests of both parties.

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Saudi Arabia Issues 86 Industrial Licenses in April Worth $587 Million

A part of Ras Al Khair Industrial City, which is considered the main cornerstone of the mining industry in the Kingdom (SPA)
A part of Ras Al Khair Industrial City, which is considered the main cornerstone of the mining industry in the Kingdom (SPA)
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Saudi Arabia Issues 86 Industrial Licenses in April Worth $587 Million

A part of Ras Al Khair Industrial City, which is considered the main cornerstone of the mining industry in the Kingdom (SPA)
A part of Ras Al Khair Industrial City, which is considered the main cornerstone of the mining industry in the Kingdom (SPA)

Saudi Arabia's Ministry of Industry and Mineral Resources issued 86 new industrial licenses in April, totaling investments of SAR2.2 billion (USD587 million). This brings the year-to-date total to 410 licenses.

According to a report from the ministry’s National Center for Industrial and Mining Information released on Sunday, 67 factories began production in April, investing SAR1.5 billion (USD400 million).

Food production led with 12 new factories, followed by chemicals with 11, and rubber/plastics with 10.

The report noted that 92.5% of new factories were domestic, with joint ventures at 5.9% and foreign investments at 1.49%.

As of April 2024, Saudi Arabia had 11,800 operational or under-construction factories, with investments totaling SAR1.4 trillion (USD373 billion), up from about 10,800 in April 2023.

Small-scale facilities received 80.2% of new licenses, followed by medium-scale at 13.9%. Domestic factories accounted for 100% of the licenses by investment type.

The new licenses were distributed across 10 regions, led by Riyadh with 36 factories, Makkah with 22, and the Eastern Region with 17. Medina had three factories, while Qassim and Hail had two each. Najran, Asir, Al Jouf, and Tabuk each had on.

The ministry’s updates provide insights into Saudi Arabia’s industrial activity, highlighting changes in new investments and factory openings on a monthly basis.